Barely has the ink dried on what many in the industry, admittedly, are calling the single most important new fund regulation of 2004 and already PricewaterhouseCoopers is predicting a new tsunami wave of sanctions, within months not years, against these newly appointed chief compliance officers that will define the boundaries of industry practice.

"Everyone in the industry is waiting for the first SEC enforcement case to be brought against a chief compliance officer or a board member because, quite frankly, that is going to set a practice and set the standard in the industry," said Anthony S. Evangelista, a PricewaterhouseCoopers partner and director of the regulatory compliance practice of its investment management industry group.

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